Failure is often the start of every success story. In the business world you have to embrace the possibility of failing and trying over and over again till you become a success story.
If you are afraid of failing or the fear of failure is weighing you down, keep reading to draw some inspiration from the pitfalls and success stories of these entrepreneurs.
Micheal Bloomberg CEO Bloomberg L.P.
Micheal Bloomberg is a business mogul and three times mayor of New York, with an estimated Networth of $53.1Billion. He is the CEO of Bloomberg; a global financial services, media and software company. Before setting up his business empire, he began his career at Salamon Brothers (a security brokerage company) and suffered a major setback after being laid off from the company in the early 80s.
Rather than wallow in his sorrows and let his lay off get the best of him, Bloomberg decided to turn the unfortunate events at Salamon Brothers into a success story. With the financial knowledge he acquired, he started Market Master, which today is known as Bloomberg L.P. He is ranked 10th on Forbes List of Worlds Richest Billionaires.
Takeaway: Every disappointment could be a blessing in disguise. Make the most of every situation you find yourself.
Elon Musk CEO –SpaceX, Product Architect -Tesla
Elon Musk is an Investor and business tycoon; founder of SpaceX and Co-founder of Tesla. In 2008, Tesla and SpaceX both experienced liquidity problems, and it was a hard choice, choosing which of the 2 start ups to invest funds into.
It felt like Musk was torn between the devil and the deep blue sea in terms of choices and decisions to make. However, in a period of distress, he did not let his emotions take over.
He went back to the drawing board and took a calculated risk. He came up with a plan for SpaceX to apply for a contract with NASA. This was the last hope of bailing the company out. SpaceX won the contract, and $1.6 Billion was awarded. Tesla also needed a bail out. Musk took out a loan for Tesla from Space X.
He used one stone to kill two birds. He took a calculated risk which paid off.
Musk ranks 80th in Forbes List of World’s Richest Billionaires with an estimated Networth of $13.9 Billion.
Takeaway: It is worthwhile taking calculated risks. To be a successful entrepreneur you need to take some risks.
J.K. Rowling’s is a British novelist and screen writer. Her rise to fame was birth out of her award winning Harry Potter fantasy series. The books have sold over 400million copies worldwide, becoming the best selling book in history.
It wasn’t a life of bed and roses for J.K Rowlings. Seven years after she graduated from University, Rowlings world began to crumble and she saw herself as a failure. She had a failed marriage, was jobless, with a dependent child and living off welfare benefits. She was diagnosed with clinical depression and at some point had contemplated suicide.
In one of her quotes, Rowling’s acknowledges that failure is indeed part of life’s success story:
“It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all – in which case, you fail by default.”
She received rejection letters from 12 publishers, but persistence kept her going and she was able to land her breakthrough deal with Bloomsbury – a publishing house in London.
Takeaway: Don’t take “NO” for an answer. Never give up. Your success may only be a matter of persistence.
Louis Gerstner Jr.
Former CEO IBM (1993 – 2002)
Louis Gerstner is a business man known for his tenure as board chairman and CEO of IBM from 1993 to 2002. When he began his career as CEO, plans were in place to break up IBM. Gerstner however steered one of the greatest business turnarounds in tech history.
After embarking on a mass layout of employees, and selling off some company assets, he was able to put a hold on the plan to break up the company.
Gerstner strategy of saving IBM came with some tough decisions; like laying off thousands of employees. With good leadership and decision making skills, he was able to prevent IBM from folding up.
IBM currently ranks as the 13th most valuable brand in the world, according to Forbes.